Nigeria’s packaging industry hits $2.5bn

By Providence Ayanfeoluwa

Nigeria manufacturing sector has been described arsenic a important industry, arsenic caller information has shown the nation’s packaging marketplace stood astatine N2.5billion

George Pearson, Regional Director, Montgomery Group, who stated this astatine the ongoing 12th variation of Propak West Africa (the premier commercialized lawsuit for packaging, plastics, printing, and processing successful the region) adding that “the packaging manufacture conscionable for Nigeria unsocial present is priced for $2.5 cardinal and is expected to turn by astir 5 percent year-on-year”.

He said: “The latest Gross Domestic Product, GDP figures amusement that the packaging manufacture contributes 10 percent to the Nigerian economy. So really, the concern oregon the manufacturing assemblage for Nigeria is simply a important industry”.

Additionally, helium pointed retired that contempt planetary headwinds, Nigeria’s manufacturing assemblage contributes a resilient 9.6 percent to GDP and the system continues to amusement encouraging stableness and growth.

He said a important inclination driving this resilience is the strategical displacement to section sourcing.

His words: “It is inspiring to spot that galore factories present procure implicit 50 percent of their inputs locally.

“This shortens proviso chains, improves power implicit specifications, and importantly boosts compliance with planetary standards – a captious measurement for competing connected the planetary stage. “The accidental is not conscionable to conscionable standards, but to acceptable them. The accidental is for West Africa to go a starring supplier of quality, sustainable packaging for the full region.

“This improvement is precisely wherefore Propak exists. Our imaginativeness is to beryllium West Africa’s starring level for driving advancements successful these captious industries.

“Our ngo is to enactment Nigeria’s, and so the region’s, concern improvement by connecting people, ideas, and technology”.

Also speaking, Assistant Director, Corporate Affairs and Communications, Manufacturers Association of Nigeria, MAN Segun Alabi, said they are not leaving immoderate chromatic unturned.

“We guarantee that we person engagement with our members to guarantee that we emphasise connected sustainability and, precise importantly, connected the sources of their vigor and power.

“Our absorption is alternate root of power. And we volition guarantee that our alternate root of powerfulness is thing that is precise pro-environment, and it has nary broadside effect connected the public. We bash this by ensuring that astir of our members usage star and besides get what is needed for them to execute afloat capableness and afloat utilisation of their assorted factories.

The station Nigeria’s packaging manufacture hits $2.5bn appeared archetypal connected Vanguard News.